Aerospace Artificial Intelligence (AI) Market Size & Share to Surpass $6.02 Billion by 2030 | Vantage Market Research

WASHINGTON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Aerospace Artificial Intelligence Market is estimated to be valued at USD 6.02 Billion by 2030 at an exponential growth of 44.5% in the next seven years.

The increasing demand for air travel and the rising number of commercial aircraft drive the need for more effective and efficient systems. Artificial intelligence can help address air traffic congestion, flight delays, and safety concerns by providing intelligent solutions for optimized routing, automated air traffic control, and predictive maintenance.

The Report Provides Insights on the Following Pointers

1. Market Penetration: Provides comprehensive information on the market offered by the key players.
2. Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.

In the upcoming years, it is anticipated that AI and machine learning technologies will enhance predictive maintenance and air traffic control operations. Artificial Intelligence will be applied to tasks such as computer vision, natural language processing, and time series analysis. With ongoing developments and increased investments in research, the aerospace industry is anticipated to witness a significant increase in the number of AI applications for its complex operations.

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Factors Affecting the Growth of the Aerospace Artificial Intelligence Industry

Several factors impact the development of the Aerospace Artificial Intelligence Market. Some of these factors include

• Efficient airspace management systems are necessary due to the rising number of flights and congestion. AI aids in optimizing air traffic flow, route planning, and collision avoidance for enhanced safety and reduced delays.
• The rise in UAV adoption drives market growth, with AI enhancing autonomous flight, navigation, and obstacle detection for improved efficiency and capabilities.
• Real-time data analysis is crucial in the aerospace industry to predict and prevent equipment failures, optimize maintenance, and enhance operational efficiency, driving market demand.
• The aerospace industry is improving pilot training and utilizing cockpit automation to enhance pilot performance, increase awareness, and minimize errors.

Key Highlights

• By Offering, the software segment held the biggest market share in 2022.
• By Technology, Machine Learning segment dominated the Aerospace Artificial Intelligence market in 2022.
• By Application, the Smart Maintenance segment mentioned the most significant usage in the Aerospace Artificial Intelligence market in 2022.
• The market was ruled by North America in 2022, with a revenue share of 40.9%.
• The Asia Pacific area is expected to witness maximum market growth during the forecast period.
  

Prominent Players in The Global Aerospace Artificial Intelligence Market Report Scope

• General Electric Company (U.S.)
• Spark Cognition (U.S.)
• Iris Automation Inc. (U.S.)
• Airbus S.A.S. (Netherlands)
• Thales Groups (France)
• SITA (Switzerland)
• Intel Corporation (U.S.)
• The Boeing Company (U.S.)
• Microsoft Corporation (U.S.)
• International Business Machines Corporation (U.S.)

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Key Trends

• Airport authorities globally have stepped up security measures because of growing threats, leading them to adopt artificial intelligence technology. The UK government, for instance, invested $2 million to enhance safety and efficiency at the busiest airports by developing AI systems.
• Aircraft consume billions of gallons of fuel annually, with approximately 98 billion gallons used by commercial airlines globally. The COVID-19 pandemic caused a drop-in fuel consumption in 2020 due to reduced air traffic, while organizations are exploring 3D printing and AI to reduce costs and enhance fuel efficiency in the aerospace industry.
• The aerospace industry is expected to embrace AI due to advancements and funding, as seen in collaborations between EHang and Airbus for AI-based navigation technology development. EHang integrates AI in autonomous aircraft, while Airbus achieves successful maneuvers using vision-based AI.
  

Key Strategies in Aerospace Artificial Intelligence Market

The key strategies navigate the evolving landscape of Aerospace Artificial Intelligence and capitalize on the opportunities for growth, efficiency, and enhanced safety within the industry. Here are crucial insights into key competitors and success strategies in the industry:

• Companies are collaborating and partnering with various industry players to speed up the development and adoption of AI, promoting knowledge sharing and exploring new AI use cases.
• In order to increase operational efficiency, businesses have invested extensively in R&D for AI algorithms, models, and technologies. These include real-time data analytics, autonomous navigation, flight simulation, and predictive maintenance.
• Businesses invest in AI training to enhance skills and integrate technology, improving processes and workflows.
• Companies in the aerospace industry are leveraging cloud and edge computing technologies to enhance the scalability, speed, and efficiency of AI applications.
• The aerospace industry is ensuring compliance and safety by developing transparent AI systems, protecting data privacy, and conducting extensive testing and validation of AI algorithms.
  

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Recent Development of the Global Aerospace Artificial Intelligence Market

• In October 2021, IBM and Raytheon Technologies inked a collaboration deal to create cutting-edge quantum, cryptography, and AI technologies for the intelligence, defense, and aerospace sectors. It is anticipated that systems integrating AI with quantum technology will offer enhanced decision-making capabilities for government and aerospace clients, as well as more secure communication networks.
• In March 2021, A deal was reached between Sea Machines Robotics and HamiltonJet to create a new pilot-assist system for waterjets using autonomous command and control and computer vision technologies. Sea Machines and Hamilton Jet, two firms that specialize in propulsion systems and vessel controls, will combine their autonomy platform capabilities to create a helm-based system that will automate navigation control onboard unmanned systems and lessen the amount of manual labor.

Aerospace Artificial Intelligence Market Segmentation

By Offering

• Software
• Hardware
• Services
  

By Technology

• Machine Learning
• Natural Language Processing
• Computer Vision
• Context Awareness Computing

By Application

• Customer Service
• Smart Maintenance
• Manufacturing
• Training
• Flight Operations
• Other Applications

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Aerospace Artificial Intelligence Market Forecast Report (2023-2030).

Highlights from Segments

Offering Analysis

• The software segment demonstrated the greatest degree of market growth in 2022. Artificial intelligence software is created to mimic human intelligence by analyzing vast amounts of information and patterns.
• Key components of AI software include speech and voice recognition, machine learning, and virtual assistance. AI and machine learning enhance user experience by effectively streamlining business operations.

Technology Analysis

• Machine Learning accounted to have the potential market growth in 2022.
• Machine learning falls under artificial intelligence and is dedicated to developing applications that can learn from data and improve their accuracy without explicit programming.
• It involves using algorithms to construct systems by comprehending input and output information.
• Airlines employ AI systems equipped with machine learning algorithms to collect and analyze flight data of aircraft specifications, route distance, altitude, and weather conditions.

Application Analysis

• In 2022, smart maintenance will emerge as the most utilized product category in the Aerospace Artificial Intelligence market. This dominance stems from the urgent demand within the aerospace industry for effective and affordable maintenance procedures.
• Using AI-driven predictive analytics, smart maintenance can proactively schedule tasks and identify potential issues before they escalate. This enhances safety, reduces operating expenses significantly, and minimizes aircraft downtime.
• Airlines and aerospace companies extensively employ smart maintenance solutions to optimize fleet performance and extend the lifespan of valuable aircraft assets.
  

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Scope of the Report:    

Regional Analysis

• North America led the halal food market growth in 2022. The region is home to many leading aerospace companies and strongly emphasizes technological advancements in the industry.
• There is a growing need for automation in the aerospace sector to reduce human error and increase operational efficiency. AI technologies can perform tasks faster, more accurately, and more consistently than human operators.
• North America has a strong ecosystem for aerospace innovation, with numerous research institutions, startups, and established companies working on AI applications. Both the public and business sectors are making large investments in AI technologies in the region.
  

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